Arnold Palmer Golf Company Reports Second Quarter Results.OOLTEWAH, Tenn.--(BUSINESS WIRE)--May 10, 1999-- The Arnold Palmer palmer: see pilgrim. Golf Company (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:APGC APGC Air Proving Ground Center APGC Air Force Proving Ground Command ) announced sales and results for the second quarter of the Company's fiscal 1999, ending April 2, 1999. Sales were $4.7 million, as compared to $5.6 million for the same period in 1998. The $5.6 million in sales in 1998 included $583,000 from National Golf Suppliers, which has since been sold. The 1999 second quarter results represent a net loss of $1.5 million, or $0.38 per share, compared with a loss of $2.7 million, or $0.89 per share for the second quarter of the previous fiscal year. Of the net loss of $1.5 million, $850,000, or 56.6 percent, is attributed to interest expense. Of the remaining amount, $412,000 is attributed to non-cash items, including depreciation and non-cash amortization of a debt discount. The Company had a $653,000 operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. compared to an operating loss of $2.0 million for the same period in 1998, which, when including other income, resulted in a gross profit margin Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. improvement of 24.5 percent, compared to the same period last year, and a reduction of net inventory by 36.9 percent from the same quarter last year. The Arnold Palmer Golf Company manufactures, markets and distributes golf equipment under the brand names of its three franchise divisions: PALMER; HOTZ golf bags; and the recently-introduced NancyLopezGolf equipment and products. |
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